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In an economy, when income increases from $400 billion to $500 billion, consumption expenditure changes from $420 billion to $500 billion. Calculate the marginal propensity to consume, the change in saving, and the marginal propensity to save.
To prepare for solving a problem, we must first acknowledge that the problem exists. Then, we must accept it, and clearly define or identify it. Finally, we must commit to solving the problem. Without some degree of personal commitment, the problems ..
Draw a diagram showing how agricultural price subsidy is given to farmers through establishing a price floor. Why economists consider this policy as inefficient? After all we support our farmers and prevent them from becoming bankrupt. Is there a be..
Gina Picaretto is production manager at the Rich Manufacturing Company. Each year her unit buys up to 100,000 machine parts from Bhagat Incorporated. The contract specifies that Rich will pay Bhagat its production costs plus a $5 markup (cost- plus p..
Suppose that the demand for bentonite is given by Q = 40 ? 0.5P, where Q is in tons of bentonite per day and P is the price per ton. Bentonite is produced by a monopolist at a constant marginal and average total cost of $10 per ton. How much profit i..
Explain the relationship between wages/prices and unemployment using the basic Phillips Curve (PC) relationship. Explain Friedman and Phelps modification to the basic PC, their view of stagflation, and the concept of NAIRU.
The purchase of a car requires a $ 24,587 loan to be repaid in monthly installments for four years at 12% annual real interest rate. If annual inflation rate is 4 %, find the exra amount to be paid in 20th month due to inflation.
Assume the required reserve ratio is 10 percent and the FOMC orders an open market sale of $50 million in government securities to banks. Using the oversimplified money multiplier, the money supply could potentially:
Discuss the provisions of the Securities Act of 1934 with particular emphasis on the concept of insider trading.
Don is altruistic. Show the possible shape of his indifference curves between charitable contributions and all other goods. Does this indifference curve violate any of our assumptions? Why or why not?
Assume our typical Cobb-Douglas production function, in per capita terms,y=Ak^(1/3).Also assume capital accumulates such that change in kt+1=Sy-dk. What is the solution of the Solow model for consumption per person in the steady state, c*=C*/L*? How ..
How is product differentiation a source of market power? Your answer should reference at least one, if not more, of the market models. Additionally, explain how persuasive advertising can create market power.
Identify a good that you believe meets the criteria for an inferior good. Is this good an inferior good for all income levels or is there a range of income where it is a normal good?
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